What is a Property Tax Abatement?
Colorado provides a unique opportunity to property owners who did not file a valuation protest by the June 1st deadline. The abatement process allows taxpayers to contest their property valuation by requesting a refund of taxes paid. The abatement process is similar to the appeal process, but with a lengthier timeline.
Who is Eligible?
Colorado maintains a two-year valuation cycle; all real property is reappraised every two years on the odd-numbered year. Abatement petitions may be filed within two years of the date the taxes were levied (January 1st of each year), as long as:
- the property valuation has not been previously protested and
- the person filing for abatement was the owner of record during that year(s).
When is the Deadline?
If a property owner suspects their property was overvalued in 2016 (payable in 2017), the deadline to file an abatement for the 2016 tax year is December 31, 2018. Abatements can also be filed for tax years 2017-2018 provided an appeal wasn’t previously filed as early as January 1, 2019. This allows property owners to capture possible refunds for missed appeal opportunities.
If you have questions whether your property qualifies for a property tax abatement and/or would like assistance through the abatement process, please don’t hesitate to contact me.
Senior Managing Consultant